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Today’s gurus, like Elon Musk, Chamath Palihapitiya, Barstool Sports founder David Portnoy aren’t defined by Wall Street bona fides. Fund manager Cathie Wood, who cut her teeth at firms like the Capital Group and Jennison Associates, is an exception. Many of today’s influencers have appealed to their followers precisely because of their irreverence and disdain for financial-industry norms. Their followers often profess they couldn’t care less about the depth of analysis behind a trade. If their icon is buying something, they will throw money at it, too.
“There’s an enormous population that feels that they do not have any standing, and the pandemic only reinforced those perceptions,” he said. Many of today’s stock influencers have succeeded in growing their followings precisely because they have conveyed the image that they, too, are outsiders, Mr. Atwater added.
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